Turkey Interest Rate at 5.5% in December

The Central Bank of Turkey decided to cut its benchmark interest rate by 0.25 percentage points to 5.5% in December 2012.

The Committee has stated that, in order to contain the risks on financial stability in the face of accelerating capital inflows, the proper policy would be to keep interest rates at low levels while continuing with macroprudential measures. Accordingly, the Committee has indicated that, in order to support financial stability, it would be appropriate to take additional steps using reserve requirements, while delivering a limited cut in the policy rate. In the following period, if deemed necessary for financial stability, a measured adjustment in the interest rate corridor might also be considered.

Ongoing uncertainties regarding the global economy necessitate the monetary policy to remain flexible in both directions. Therefore, the impact of the measures undertaken on credit, domestic demand, and inflation expectations will be monitored closely and the funding amount will be adjusted in either direction, as needed.

Turkey Leaves Policy Rate Unchanged at 24%
The Central Bank of Turkey left its one-week repo auction rate unchanged at 24 percent on April 25th 2019, as widely expected. Policymakers said that they will continue to use all available instruments in pursuit of the price stability objective. The Committee noted an improvement in inflation indicators, still factors including higher import and food prices and the elevated course of inflation expectations point to continued risks to price stability. The country's annual inflation rate rose to 19.71 percent in March from a six-month low of 19.67 percent in February, way above the central bank's midpoint target of 5 percent. Published on 2019-04-25

Turkey Holds Policy Rate at 24% as Expected
The Central Bank of Turkey held its one-week repo auction rate at 24 percent on March 6th as widely expected, saying risks on price stability persist despite some improvement in the inflation outlook. The country's annual inflation rate fell to a six-month low of 19.67 percent in February, still way above the central bank's midpoint target of 5 percent. Published on 2019-03-06

Turkey Holds Key Interest Rate at 24%
The Central Bank of Turkey held its one week repo auction rate at 24 percent on January 16th as widely expected, saying risks on price stability continue to prevail although there was some improvement in the inflation outlook. The country's annual inflation rate fell to a four-month low of 20.3 percent in December, still way above the central bank's midpoint target of 5 percent. Published on 2019-01-16

Turkey Holds Key Interest Rate at 24%
The Central Bank of Turkey held its one week repo auction rate at 24 percent on December 13th as widely expected, following a bigger-than-expected decline in November inflation. Policymakers also said that the tight monetary policy stance will be maintained until inflation outlook displays a significant improvement.Published on 2018-12-13

Turkey Leaves Policy Rate Unchanged at 24%
The Central Bank of Turkey held its one week repo auction rate at 24 percent on September 25th as widely expected, following a 625 bps hike last month to support the lira. Policymakers noted that external demand maintains its strength while slowdown in economic activity continues, partly due to tighter financial conditions. Still, the central bank pledged to tighten monetary policy further if necessary. The lira has rebounded recently, erasing the losses inflicted by American sanctions in August, after diplomatic relations with Washington improved.Published on 2018-10-25

Turkey Hikes Policy Rate to 24%
The Central Bank of Turkey raised its benchmark interest rate by 625 bps to 24 percent on September 13th 2018, surprising markets who expected a hike of 425 bps. The move pushed the borrowing costs to the highest since 2004 and was aimed to support the economy and falling currency. Published on 2018-09-13

Turkey Central Bank Hints at Rate Hike
Turkey's central bank said on Monday the monetary policy stance will be adjusted at its September meeting in an attempt to support the lira, after data showed inflation jumped to its highest level since December 2003 amid a currency crisis.Published on 2018-09-03

Turkey Cuts Lira RRR by 250Bps
Turkey's central bank cut lira reserve requirement ratios by 250 basis points for all maturity brackets and lowered reserve requirement ratios for non-core FX liabilities by 400 basis points for up to 3-year maturities, the central bank said in a statement.Published on 2018-08-13

Turkey Unexpectedly Holds Rates
The Central Bank of Turkey unexpectedly held its benchmark interest rate at 17.75 percent on July 24th following a 125bps hike last month to support the lira, which already lost around 20 percent of its value so far this year. The projections were pointing to an increase of 100-125bps after inflation jumped in June to its highest level in 14 years.Published on 2018-07-24

Turkey Hikes Key Policy Rate to 17.75%
The Central Bank of Turkey raised its benchmark interest rate by 125bps to 17.75 percent on June 7th, after a surprise 300bps hike last month to support the lira. Also, policymakers said further monetary tightening will be delivered, if needed. Latest data showed the country's annual inflation jumped to 12.15 percent in May, the second-highest since February 2004, due to higher energy prices and a tumbling currency.Published on 2018-06-07

Turkey Hikes Late Liquidity Rate to 16.5%
The central bank of Turkey left its key one-week repo rate steady at 8 percent at an emergency meeting on May 23rd 2018. However, policymakers raised its late liquidity window rate by 300bps to 16.5%, following a 75bps hike in the April meeting. The move aims to stop the plunge in the lira which already lost near 24% against the USD since the beginning of the year. Published on 2018-05-24

Turkey Leaves Key Rate at 8%
The central bank of Turkey left its key one-week repo rate steady at 8 percent on April 25th 2018, in line with market expectations. The overnight lending rate was also kept at 9.25 percent and the overnight borrowing rate at 7.25 percent. In contrast, the late liquidity window rate was raised by 75bps to 13.5 percent, more than forecasts of a 50bps hike. Policymakers said the economy activity remains strong while high inflation continues to pose risks. As a result, tight monetary policy will be maintained until the inflation outlook improves.Published on 2018-04-25

Turkey Holds Key Policy Rate at 8% as Expected
The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent on March 7th, as widely expected, saying that the current monetary policy stance will be maintained until there is a significant improvement in the inflation outlook. In February, the country's annual inflation eased to a seven-month low of 10.26 percent, but was still way above the central bank's 5 percent target.Published on 2018-03-07

Turkey Holds Key Policy Rate at 8%
The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent on January 18th, as widely expected, saying the current monetary policy stance will be maintained until there is a significant improvement in the inflation outlook.Published on 2018-01-18

Turkey Hikes Late Liquidity Window Rate to 12.75%
The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent and raised its late liquidity window rate by a less-than-expected 50bps to 12.75 percent on December 14th, in an attempt to curb rising inflation amid strong economic growth. Annual inflation rate hit a 14-year peak of 12.98 percent last month, way above the central bank's target of 5 percent, and core inflation hit a near record high of 12.08 percent.Published on 2017-12-14

Turkey Holds Key Interest Rate at 8% as Expected
The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent on October 26th, as widely expected, saying rising inflation poses risks on the pricing behavior while the economic activity is expected to maintain its strength boosted by both domestic and external demand. Annual inflation rate came in at a four-month high of 11.20 percent in September, way above the central bank's target of 5 percent, and core inflation hit 10.89 percent, its highest level since February 2004.Published on 2017-10-26

Turkey Keeps Rates Steady in September
The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent on September 14th as widely expected. Policymakers said the economic recovery has gained strength boosted by domestic and external demand from the EU countries while high inflation continues to pose risks. As a result, a tight stance in monetary policy will be maintained until the inflation outlook improves significantly.Published on 2017-09-14

Turkey Holds Key Interest Rate at 8%
The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent on July 27th, as widely expected, saying current elevated levels of inflation pose risks on the pricing behavior while the economic activity is expected to maintain its strength boosted by both domestic and external demand.Published on 2017-07-27

Turkey Leaves Monetary Policy On Hold
The central bank of Turkey left its benchmark one-week repo rate at 8 percent on June 15th 2017 as widely expected. Policymakers noticed the economic recovery is gathering pace although inflationary risks persist. Yet, the inflation remained at double digits for the fourth month at 11.72 percent in May and food inflation reached the highest since 2010. The central bank added that a tight stance in monetary policy will be maintained until the inflation outlook improves. The overnight lending rate was also kept at 9.25 percent and the overnight borrowing at 7.25 percent.Published on 2017-06-15

Turkey Holds Key Rate At 8%
The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent on April 26th, as widely expected. Also, the lending rate was kept unchanged at 9.25 percent. Policymakers said that the recently released data indicated a gradual recovery in the economic activity and domestic demand conditions displayed a moderate improvement. Meanwhile, tight stance in monetary policy will be maintained until inflation outlook shows a significant improvement.Published on 2017-04-26

Turkey Holds Rates Steady In March
The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent on March 16th, as widely expected. Also, the lending rate was kept unchanged at 9.25 percent while market expected 50 bps hike. Policymakers said that the recently released data indicated a gradual recovery in the economic activity while the significant rise in inflation is expected to continue in the short term due to lagged pass-through and the base effect in food prices.Published on 2017-03-16

Turkey Holds Repo Rate At 8%, Hikes Lending Rate To 9.25%
The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent on January 24th, while markets were expecting a 50bps hike, and raised its lending rate by 75bps to 9.25 percent, in an attempt to support the currency and to contain a deterioration in the inflation outlook.Published on 2017-01-24

Turkey Leaves Rates On Hold In December
The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent on December 20th, following a 50bps increase in November. Policymakers said the recovery in the economic activity is expected to continue at a moderate pace while a weaker lira, which already lost 17 percent of its value against the dollar this year, and higher oil prices pose upside risks on the inflation outlook. Published on 2016-12-20

Turkey Hikes Rates For 1st Time Since 2014
The Central Bank of Turkey raised its benchmark one-week repo rate by a higher-than-expected 50bps to 8 percent on November 24th and its overnight lending rate by 25 bps to 8.5 percent, while it held its borrowing rate at 7.25 percent. It was the first policy tightening since January 2014, after the lira fell to a record low amid a slowdown in economic activity. The lira has already lost around 14 percent of its value against the dollar this year on stronger dollar and concerns over the aftermath of July's failed coup. Inflation was last recorded at 7.2 percent in October, well above central bank's 5 percent target.Published on 2016-11-24

Turkey Holds Repo Rate at 7.5%, Lending Rate at 8.25%
The Central Bank of Turkey held its benchmark one-week repo rate at 7.5 percent on October 20th, as widely expected, and its overnight lending rate was unexpectedly left unchanged at 8.25 percent following seven consecutive cuts. Policymakers agreed that a cautious monetary policy stance had to be maintained as a weaker lira and other cost factors restrained the improvement in inflation outlook. The bank also said that the direction and the timing of the next step in the monetary policy would be data dependent. Inflation was last recorded at 7.3 percent in September, well above central bank's 5 percent target.Published on 2016-10-20

Turkey Cuts Lending Rate for 7th Straight Month to 8.25%
The Central Bank of the Republic of Turkey held its benchmark one-week repo rate at 7.5 percent on September 22nd, as widely expected, but lowered its overnight lending rate for a seventh time in a row to 8.25 percent despite high inflation and worries about possible credit rating downgrades. Policymakers said a cautious monetary policy stance has to be maintained amid recent tax adjustment in cost of fuel while annual inflation is expected to decline in the short-term due to falling food prices. Inflation was last recorded at 8.1 percent in August, well above central bank's 5 percent target.Published on 2016-09-22

Turkey Holds Repo Rate at 7.5%, Cuts Lending Rate to 8.5%
Turkish central bank kept its benchmark one-week repo rate on hold at 7.5 percent on August 23rd, as widely expected, but lowered its overnight lending rate for a sixth time in a row to 8.5 percent despite high inflation and worries about possible credit rating downgrades. Policymakers said the tight monetary policy stance will be maintained given inflation expectations while considered that measured steps towards simplification would contribute to the effectiveness of policy. Inflation went up in July to hit a 6-month high of 8.8 percent, remaining well above central bank's 5 percent target.Published on 2016-08-23

Turkey Holds Key Rate at 7.5%, Cuts Lending Rate to 9%
Turkish central bank left its benchmark one-week repo rate unchanged at 7.5 percent on June 21st, saying it will maintain the tight monetary policy stance considering the developments in services inflation and unit labor costs. The bank, however, lowered its overnight lending rate for a fourth time in a row to 9 percent, signaling further willingness to ease policy, and kept the overnight borrowing rate at 7.25 percent. Inflation eased recently, but it still remains above the central bank's 5 percent target. Published on 2016-06-21

Turkey Holds Key Rate at 7.5%, Cuts Lending Rate to 9.5%
Turkish central bank kept its benchmark one-week repo rate on hold at 7.5 percent on May 24th, as widely expected, saying it will maintain the tight monetary policy stance considering the underlying core inflation trend. The bank, however, lowered its top end of rate corridor for a third time in a row to 9.5 percent, signaling a willingness to ease policy, while it kept the overnight borrowing rate at 7.25 percent. Inflation eased to 6.57 percent in April, its lowest in almost three years, but it still remains well above the central bank's 5 percent target.Published on 2016-05-24

Turkey Holds Key Rate at 7.5%, Cuts Lending Rate to 10%
Turkish central bank left its benchmark one-week repo rate unchanged at 7.5 percent on April 20th, as widely expected, saying it will maintain the tight monetary policy stance considering the current inflation expectations and pricing behavior. The bank, however, lowered its overnight lending rate for a second time in a row to 10 percent, signaling a willingness to ease policy despite high inflation, while it kept the overnight borrowing rate at 7.25 percent.Published on 2016-04-20

Turkey Leaves Repo Rate Unchanged at 7.5%
Turkish central bank kept its benchmark one-week repo rate on hold at 7.5 percent on March 24th, saying that it will maintain the tight monetary policy stance considering the current inflation expectations and pricing behavior. Inflation rate was last recorded at 8.8 percent in February of 2016, after hitting a 20-month high of 9.6 percent in January. The central bank cut the overnight lending rate to 10.5 percent and kept the overnight borrowing rate at 7.25 percent.Published on 2016-03-24

Turkey Holds Key Rate at 7.5%
Turkish central bank left its benchmark one-week repo rate unchanged at 7.5 percent on February 23rd meeting, as expected. The Committee said that the tight liquidity stance will be maintained, considering the wage developments and the impact of the uncertainty in global markets on inflation expectations and pricing behavior. Policymakers added that future decisions will be conditional on the inflation outlook.Published on 2016-02-23

Turkey Leaves Rates Unchanged for 11th Straight Month
Turkish central bank kept its benchmark one-week repo rate on hold for the eleventh consecutive month at 7.5 percent at its first meeting of the year, saying that the tight liquidity stance will be maintained as long as deemed necessary to curb rising inflation rate. The move was expected by markets.Published on 2016-01-19

Turkey Leaves Monetary Policy Unchanged
Turkish central bank kept its benchmark one-week repo rate on hold at 7.5 percent at its December meeting, as policymakers said that the tight liquidity stance will be maintained as long as deemed necessary to contain rising consumer prices. Analysts were expecting the repo rate to rise.Published on 2015-12-22

Turkey Keeps Rates Steady in November
Turkish central bank letf its benchmark one-week repo rate on hold at 7.5 percent at its first meeting since November 1st election, as policymakers showed concerns about uncertainty regarding the strength of the global economy and about volatility in energy and food prices. They bank also said it would keep tight liquidity stance as long as necessary.Published on 2015-11-24

Turkey Leaves Rates Unchanged in October
Turkish central bank kept its benchmark one-week repo rate on hold at 7.5 percent on October 21st, as policymakers voiced concern about the uncertainty in domestic and global markets on inflation expectations and the volatility in energy and food prices. They also said that the tight liquidity stance will be maintained until there is a significant improvement in the inflation outlook.Published on 2015-10-21

Turkey Leaves Monetary Policy Unchanged
Turkish central bank kept its benchmark one-week repo rate on hold at 7.5 percent on September 22nd, saying it will maintain the tight liquidity stance until there is a significant improvement in the inflation outlook.Published on 2015-09-22

Turkey Leaves Rates on Hold
Turkish central bank kept its benchmark one-week repo rate at 7.5 percent on August 18th, saying it will maintain a cautious monetary policy stance until there is a significant improvement in the inflation outlook. The bank also decided to adopt a tighter liquidity policy as long as uncertainty in global and domestic markets and volatility in food and energy prices continue to affect financial stability.Published on 2015-08-18

Turkey Leaves Monetary Policy Unchanged
Turkish central bank left its benchmark one-week repo rate on hold at 7.5 percent for the fifth consecutive month in July, as policymakers showed concern about the uncertainty in global markets and volatility in energy and food prices. The decision was expected by markets.Published on 2015-07-23

Turkey Leaves Rates Unchanged
Turkish central bank left its benchmark one-week repo rate on hold at 7.5 percent in June, as expected. Policymakers voiced concern about growing inflation pressure, even though it is expected to slow in the short term.Published on 2015-06-23

Turkey Cuts Foreign Curency Deposit Rate
The rates applied to banks' one week maturity borrowings from the Central Bank have been reduced from 4 percent to 3.5 percent for USD and from 2 percent to 1.5 percent for EUR, effective from June 9, 2015.Published on 2015-06-08

Turkey Leaves Monetary Policy Unchanged
Turkish central bank left its benchmark one-week repo rate on hold at 7.5 percent in May, as expected by markets. Policymakers showed concern over the high levels of inflation, that has been on an upward trend since the beginning of the year.Published on 2015-05-20

Turkey Leaves Rates Unchanged
Turkish central bank left its benchmark one-week repo rate on hold at 7.5 percent in April, as high food prices keep pushing inflation up. The decision was expected by markets.Published on 2015-04-22

Turkey Cuts Key Rate to 7.5%
Turkish central bank lowered its benchmark one-week repo rate by 25 bps to 7.5 percent in February as a temporary fall in inflation due to the global oil price plunge gave room for easing. Published on 2015-02-24

Turkey Cuts Benchmark Interest Rate to 7.75%
Turkish central bank cut the benchmark one-week repo rate by 50 bps to 7.75 percent at its January 20th meeting, as inflation is slowing due to plunge in oil prices. Other key rates were left on hold. Published on 2015-01-20

Turkey Leaves Rates Unchanged
Turkish central bank left its benchmark one-week repo rate on hold at 8.25 percent in December, saying current policy stance will be maintained until there is a clear improvement in inflation outlook.Published on 2014-12-24

Turkey Leaves Monetary Policy Unchanged
Turkish central bank decided to maintain its benchmark one-week repo rate at 8.25 percent at its November 20th meeting, saying the current policy stance has a favorable impact on core inflation and it will be maintained until the inflation outlook improves. Published on 2014-11-20

Turkey Leaves Rates on Hold
Central Bank of Turkey left its benchmark one-week repo rate unchanged at 8.25 percent on October 23rd as inflation rate remains high and lira continues to weaken. Published on 2014-10-23

Turkey Leaves Monetary Policy Unchanged
Turkish central bank decided on September 25th to leave its benchmark one-week repo rate unchanged at 8.25 percent. The remaining rates were also left on hold, as high food prices keep pushing inflation up. Published on 2014-09-25

Turkey Leaves Benchmark Rate on Hold; Cuts Lending Rate
Turkish central bank decided on August 27th to leave its one-week repo rate unchanged at 8.25 percent, while cutting its overnight lending rate by 75 bps to 11.25 percent. The borrowing rate for primary dealers was also reduced by 75 bps 10.75 percent. Published on 2014-08-27

Central Bank of Turkey Cuts Interest Rate
At its June 24th, 2014 meeting, Central Bank of Turkey decided to lower the benchmark interest rate by 75 bps to 8.75 percent. It is the second consecutive rate cut, citing recent improvement in global liquidity conditions and lower inflation expectations.Published on 2014-06-24

Central Bank of Turkey Cuts Rate
At its May 22nd, 2014 meeting, Turkish central bank decided to cut its one-week repo rate by 50 bps to 9.5 percent, citing an improvement in risk premium indicators and a decline in uncertainties.Published on 2014-05-22

Central Bank of Turkey Leaves Main Rates on Hold
The Monetary Policy Committee decided on April 24th, 2014, to leave the one-week repo rate on hold at 10.0 percent for the third straight meeting. The Central Bank said it will maintain the current policy stance until there is a significant improvement in the outlook for inflation.Published on 2014-04-24

Turkey Leaves Rates on Hold
At its March 18th, 2014 meeting, the Central Bank of Turkey decided to leave the benchmark repo rate unchanged at 10 percent and the overnight lending rate at 12 percent, as January’s rate hike helped to stabilize the lira. Published on 2014-03-18

Turkish Monetary Policy Unchanged in February
At its February 18th, 2014 meeting, the Central Bank of Turkey decided to leave the benchmark repo rate on hold at 10 percent and the overnight lending rate at 12 percent. Last month, the central bank rose rates sharply aiming to stabilize the lira. Published on 2014-02-18

Bank of Turkey Raises Rates Sharply
At an emergency policy meeting on January 28th, the Central Bank of Turkey decided to raise the benchmark repo rate to 10 percent from 4.5 percent and the overnight lending rate to 12 percent from 7.75 percent reversing years of policy after the lira slid to a record low.
Published on 2014-01-28

Bank of Turkey Leaves Rates Unchanged in January
At its January 21st meeting, the Central bank of Turkey decided to leave the benchmark one-week repo rate unchanged at 4.5 percent in spite of high inflation and a weakening lira.Published on 2014-01-21

Turkey Monetary Policy Unchanged in December
In its December 17th meeting, the Monetary Policy Committee of the Central Bank of the Republic of Turkey left the benchmark one-week repo rate unchanged at 4.5 percent. The overnight lending rate was also kept at 7.75 percent, the interest rate on borrowing facilities provided for primary dealers via repo transactions at 6.75 percent, and borrowing rate at 3.5 percent. The late liquidity window interest rates were unchanged at 0 percent (borrowing) and 10.25 percent (lending).
Published on 2013-12-17

Bank of Turkey Leaves Rates on Hold
In its November 19th meeting, the Monetary Policy Committee of the Central Bank of the Republic of Turkey left interest rates unchanged. The Bank hinted tighter monetary policy as inflation will hover above the target line due to weak lira.Published on 2013-11-19

Bank of Turkey Leaves Rates Unchanged
In its October meeting, the Monetary Policy Committee of the Central Bank of the Republic of Turkey decided to remain the one-week repo policy rate on hold at 4.5 percent, citing continuous financial and price stability.Published on 2013-10-23

Bank of Turkey Keeps Rates on Hold
In its September meeting, the Monetary Policy Committee of the Central Bank of the Republic of Turkey decided to leave the one-week repo policy rate unchanged at 4.5 percent, citing price and financial stability. Published on 2013-09-17

Turkey Raises Overnight Lending Rate By 50bps
In its August meeting, the Monetary Policy Committee of the Central Bank of the Republic of Turkey decided to leave the one-week repo policy rate unchanged at 4.5 percent. The borrowing rate has been kept at 3.5 percent, while the lending rate has been increased from 7.25 percent to 7.75 percent, to prevent further slide in the lira.Published on 2013-08-20

Central Bank of Turkey Leaves Benchmark Interest Rate on Hold at 4.5%
In its July meeting, the Monetary Policy Committee of the Central Bank of the Republic of Turkey decided to leave the one-week repo policy rate unchanged at 4.5 percent. The borrowing rate has been kept at 3.5 percent, while the lending rate has been increased from 6.5 percent to 7.25 percent, to support price and financial stability.Published on 2013-07-23

Turkey Keeps Monetary Policy Unchanged in June
In its June meeting, the Monetary Policy Committee of the Central Bank of the Republic of Turkey decided to leave the one-week repo policy rate unchanged at 4.5 percent, following two consecutive cuts. The borrowing rate was kept at 3.5 percent and the lending rate at 6.5 percent. Published on 2013-06-18

Turkey Benchmark Interest Rate Unchanged; Overnight Rates Cut
The Monetary Policy Committee has decided to adjust the short term interest rates as follows: One-week repo rate (the policy rate) has been kept at 5.5 percent. Overnight Borrowing rate has been cut from 4.75 percent to 4.50 percent while lending rate has been cut from 8.75 percent to 8.50 percent.Published on 2013-02-19